Money Mindsets: Why they matter so much!

Money mindsets – a trendy buzzword phrase or something really important? I began exploring my own money mindset a few years ago, when I realised that I was permanently feeling crap about money. I hated money, and constantly worried about it. But why? We had enough money to pay the bills; we were not poor or destitute; we had a roof over our heads. Surely I had a lot to be thankful for, but it just didn’t feel like that to me.

What was the problem?

Fun was the thing that was falling by the wayside. Pre-kids we were used to spending as much money as we wanted, on the things that we wanted, but post-kids our disposable income was hugely reduced. The one thing that I really missed out on was fun – we stopped going abroad because we “couldn’t afford it”, I said no to nights out or weekends away, because “I couldn’t afford it.” Even getting out for a pint had been put on hold, because money always seemed to be tight.

It had begun to make me unhappy.

I began to search for the answer. I discovered an course about money mindsets, and signed up there and then. Thankfully it turned out to be an amazing course, and I haven’t looked back since.

The online course was packed full of exercises and ideas that really made me evaluate my own money mindset. I always thought that I was “good” with money, so there was nothing that I could do better, but how wrong was I? By looking at my attitude, emotions and values around money, I learned so much about myself and the impact that I was having on my own situation.

The first 3 things that I discovered were:

“I can’t afford it” made me miserable

I realised that the more I said “I can’t afford it”, the more true that statement became! The more I focused on how little we had, the less we seemed to have. However, when I opened my eyes to the possibilities, I realised that I was the one in control. I could make decisions about how I wanted to spend my money, and I was the one that was making myself miserable! That simple realisation was enough to spur me into action. I began to change my words from “I can’t afford it” to “How can I afford it?”. Simple, but VERY powerful.

Habits

I started examining all my habits that were money related to see if there was room for improvement there. I was in the habit of meeting friends for coffee each Friday morning. I would browse the shops before meeting them, and EVERY SINGLE FRIDAY, I would buy something. Clothes, trainers, perfume, something for the kids, blah, blah, blah. The solution to that was dead easy. Stay at home until it was time to meet! £100 per month saving.

What was most important to me?

When doing a values exercise I found that the money we were setting aside for a new car was bugging me. This seemed a little bizarre, because we really wanted a new car. But thinking more deeply about it, I discovered that I only wanted a new car, because other people had got new cars and I felt we “deserved” one too. However, I realised that I value fun and holidays far more than a new car, so we kept our 10 year old car and were perfectly happy with it.

A lovely surprise

Bizarrely, a couple of years later, we inherited a newer car, when our parents were upgrading theirs. That was a lovely wee bonus, as our one was spending half the time in the garage, and was beginning to cost us money. The old me, with my poor money mindsets, would have turned this offer down. I would have felt that it was “too much” and would not have been able to accept it, despite knowing it was a genuine offer, and they were delighted for us to have it. However, the new me, with my new money mindsets, was able to say “thanks very much!”

My money mindsets have changed so much. I no longer worry about money. I genuinely believe that I have, and will continue to have, enough money to do all the things that are important to me and my family. Good things happen to us. We have received money from unexpected sources, and I honestly believe it is because I am so much more positive about money.

Money Mindsets Matter!

But how do you know if yours is causing you a problem? And where do you even start in improving yours? What can you do about it?

2 responses to “Money Mindsets: Why they matter so much!”

Love the idea of money mindset and it’s totally true. I suffer bad with “buyers guilt” and have been working hard to get over that and know it’s my own mindset holding me back. Thanks for joining #MondayMoney. Hope to see you next week.

Thanks Emma. Most of our money stories come right back to our mindset – it would be really interesting to unpick your “buyers guilt”! My freebie “Change Your Money Story” would help you with that https://www.yourmoneysorted.co.uk/freebies/

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About Eileen Adamson

I am Eileen Adamson, a Your Money, Sorted coach, working online with UK based women, helping you to develop a better relationship with money. I can help you to understand your money mindset and implement changes which will allow you to feel calm, positive and confident as you become happier, healthier and wealthier.

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Why not grab a coffee and read these great blog posts about money mindset? My Finance for Freedom clients are LOVING learning about their money mindset, and are surprised at what a difference it can make to the money in their pocket.

"Up until now I didn't really take much of an interest in my finances... apart from spending! The group has opened my eyes to the world of money and just how much I can be saving with simple little changes in all areas of my life. Eileen has been on hand 24/7 with advice and support which has been invaluable and I am continuing to make positive changes to my money situation. Thank you so much Eileen xx"

Why not grab a coffee and read these great blog posts about money mindset? My Finance for Freedom clients are LOVING learning about their money mindset, and are surprised at what a difference it can make to the money in their pocket.